Wise debit card

[neils2004]

Hi,
Has anyone had experience using a Wise debit card internationally ?
Thinking of obtaining one for use in Europe and the UK.

 

[VPS]

Hi,
Has anyone had experience using a Wise debit card internationally ?
Thinking of obtaining one for use in Europe and the UK.

Yes I have and it's great. If you haven't already got one I can refer you.

There are already a couple of threads

Join Transferwise and get a free international transfer

I've been using my Transferwise account for a few months now. Has been a great solution to my USD AUD transfers and customers. They have a referral offer which provides the new customer (you) with the following: Friends using your link to sign up will receive a discount on their first...

www.australianfrequentflyer.com.au

TransferWise Borderless Account

Hi team, I saw this and thought people might be interested: TransferWise Borderless account I haven't had the time to go through the detail yet but it does appear promising.

www.australianfrequentflyer.com.au

 

[asterix]

I've got one, but only used it a few times to receive GBP and USD into UK and US Wise accounts. What is the advantage of the Wise debit card over using an ING fee free debit card or a credit card like the Coles Rewards Mastercard both of which don't charge any international currency fees?

 

[neils2004]

Good point. Most reviews I’ve read about Wise refer to the better exchange rate they apply.

 

[ZigZagWanderer]

What are the exchange rates like? 'no fees' exchanges are usually a con because they hit you with anything from 2% to 4% difference from the spot rate. Can anyone tell me how much they differ?

 

[VPS]

I've got one, but only used it a few times to receive GBP and USD into UK and US Wise accounts. What is the advantage of the Wise debit card over using an ING fee free debit card or a credit card like the Coles Rewards Mastercard both of which don't charge any international currency fees?

You don't have to worry about small transactions and I suspect the exchange rate is better.

What are the exchange rates like? 'no fees' exchanges are usually a con because they hit you with anything from 2% to 4% difference from the spot rate. Can anyone tell me how much they differ?

eg
I just put in $3,000 AUD to convert to UK Pounds use xe.com send money at it was 1650.84 - the same with wise was 1,683.78

The other advantage is you can transfer money to another currency when it's a favourable exchange rate and then spend in that currency.

I currently have 5 currencies on there and if I want to buy a friend something from Amazon UK it automatically takes it out as pounds.

You can also have three virtual cards which is good for online shopping.

A friend just received a large inheritance from the UK and it saved hundreds of pounds compared to banks

 

[neils2004]

You don't have to worry about small transactions and I suspect the exchange rate is better.


eg
I just put in $3,000 AUD to convert to UK Pounds use xe.com send money at it was 1650.84 - the same with wise was 1,683.78

The other advantage is you can transfer money to another currency when it's a favourable exchange rate and then spend in that currency.

I currently have 5 currencies on their and if I want to buy a friend something from Amazon UK it automatically takes it out as pounds.

You can also have three virtual cards which is good for online shopping.

A friend just received a large inheritance from the UK and it saved hundreds of pounds compared to banks

Post automatically merged: May 12, 2022

Thanks. This is the info I was curious about.

 

[dajop]

Just be careful about dynamic currency conversion, as you would with any card. I had one where the merchant automatically converted the USD amount to my home currency (which I had zero balance in), and then wise converted that amount to USD to charge to the USD balance I had. I was out about 7%, but successfully challenged as I did not authorise the charge in my home currency.

 

[FishFood]

I've used it a few times, mainly to get cashout at ATMs.

You can reload it using payid which is instant and very convenient, you get two free ATM withdrawals a month.

Overall I'm quite happy

 

[Tiki]

I used it in Turkey at all kinds of shops with no problem.

 

[theblank]

What are the exchange rates like? 'no fees' exchanges are usually a con because they hit you with anything from 2% to 4% difference from the spot rate. Can anyone tell me how much they differ?

Costs nothing to open an account with them, so you can check the rates yourself.

you wont get a better rate than anywhere else except for Visa/MC daily rates.

Unless you want to hedge for your travels not much point using Wise, its main benefit is cheaper curency transfers, not using a debit card.

 

[WeeGraeme]

I've just got a question about their fees, if I may.

Their website says that you can withdraw £200 per month and up to two withdrawals free per month. Is that just cash withdrawals? Or does it include purchases?

 

[FishFood]

I've just got a question about their fees, if I may.

Their website says that you can withdraw £200 per month and up to two withdrawals free per month. Is that just cash withdrawals? Or does it include purchases?

That is just for cash withdrawals. I have made a couple of card purchases and only the 500k IDR withdrawal counted towards the limit

 

[SYD]

That is just for cash withdrawals. I have made a couple of card purchases and only the 500k IDR withdrawal counted towards the limit

View attachment 277636

Just bumping this thread and if someone can confirm that Wise DOES NOT rebate local ATM fees?

If so it’s actually worse for ATM withdrawals compared to ING, UBank etc. Similarly, if you already one of those debit cards, they’re as good or better also?

So as mentioned earlier, the key benefit of Wise is international transfers?

 

[Pele]

I used the wise debit card overseas last month and can confirm that you do get charged 3rd party ATM fees when doing cash withdrawals which are not rebated.

This card (and revolut) smoke all other credit and debit cards issued from retail banks when used for tap and go purchases like a normal debit card. Their exchange rate is by far better than retail banks.

 

[SYD]

I used the wise debit card overseas last month and can confirm that you do get charged 3rd party ATM fees when doing cash withdrawals which are not rebated.

Thanks. That’s a pity. Think I’ll close the account I just opened… No benefit over two free cards I already have.

This card (and revolut) smoke all other credit and debit cards issued from retail banks when used for tap and go purchases like a normal debit card. Their exchange rate is by far better than retail banks.

Have you used 28° MC or debit cards from ING and UBank? They’re pretty much spot on the prevailing VISA or MC rate (no additional international transaction fee) - so not much difference to the spot rate. Wise appears to charge around 0.4% fee.

I don’t have them but I understand that MacBank, BankWest and Coles MC are all equally good as those mentioned above.

From what I can see, Wise is definitely good for money transfers in and out.

 

[asterix]

I used the wise debit card overseas last month and can confirm that you do get charged 3rd party ATM fees when doing cash withdrawals which are not rebated.

This card (and revolut) smoke all other credit and debit cards issued from retail banks when used for tap and go purchases like a normal debit card. Their exchange rate is by far better than retail banks.

On a recent trip to New Caledonia I found the Wise rate was more than the Mastercard rate on my Coles Mastercard. So I would have been better off using my Coles Mastercard for the transactions.

 

[Pele]

The difference is that with wise and revolut you can add currencies at any time for use later. I really like this option.

 

[Pete98765432]

The Wise card is handy when paying for petrol at the pump in countries that use offline PIN verification such as France. With my other Australian cards the PIN is not accepted and I have to go into the shop and have card authorised before pumping. The Wise card & PIN is accepted at the pump as the PIN is encrypted on the card's chip.

The downside to this is you cannot change the PIN, although you can select your PIN when ordering the card.

 

[VPS]

The Wise card is handy when paying for petrol at the pump in countries that use offline PIN verification such as France. With my other Australian cards the PIN is not accepted and I have to go into the shop and have card authorised before pumping. The Wise card & PIN is accepted at the pump as the PIN is encrypted on the card's chip.

The downside to this is you cannot change the PIN, although you can select your PIN when ordering the card.

I'm sure I've changed my PIN - I can check if you like